Thu | Aug 16, 2018

Senate approves Timeshare Bill

Published:Saturday | November 29, 2014 | 8:42 AM

The Senate has approved the Timeshare Vacations Bill facilitating the country’s entrance into the tourism timeshare market.

Timeshare/vacation ownership is defined as a method of use and or shared ownership of vacation real estate, where purchasers acquire a period of time (often one week) in a condominium, apartment or other type of vacation accommodation.

Opening the debate yesterday, Minister of Justice, Mark Golding, said that Jamaica is keen on developing a more sophisticated tourism product and wishes to embrace the vacation ownership market of which the timeshare concept is the most developed and most important part.

He pointed out that during the last decade or so, timeshare has been the most significant driver of business in the worldwide hospitality sector, with research showing that vacation ownership is one of the fastest-growing sectors of global hospitality.

The minister noted that currently, Jamaica is not a player in the timeshare market as a prolonged absence of a statutory framework has precluded Jamaica from reaping the benefits of participation in the worldwide industry.

Senator Golding informed that potential investors have shown an interest in developing timeshare vacations in Jamaica.

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